Susep’s superintendent, Armando Vergilio dos Santos, recently stated that he expects the country’s proposed microinsurance law to be approved before April 2010. Although dos Santos indicated that the act ultimately passed may be the version currently before the Congress or a revised law to be proposed by the executive branch, he stated that “the important thing is that microinsurance will be treated as a government priority.”

In a separate development, a private think tank, the Center for Financial Regulation and Inclusion, recently released a study finding that the Brazilian insurance industry could see between 23 and 33 million new customers in the coming years as a result of microinsurance. According to the study, only 30% of Brazil’s households currently have insurance, with the major reasons cited for not having insurance being cost, distrust of the concept of insurance and lack of a philosophy of saving.